Public Employees Retirement System of Ohio Lowers Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Public Employees Retirement System of Ohio trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,410 shares of the financial services provider's stock after selling 6,027 shares during the quarter. Public Employees Retirement System of Ohio owned 0.13% of Pinnacle Financial Partners worth $10,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in Pinnacle Financial Partners in the second quarter worth about $366,000. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Pinnacle Financial Partners by 11.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider's stock worth $774,000 after buying an additional 966 shares during the last quarter. Hunter Perkins Capital Management LLC grew its position in Pinnacle Financial Partners by 18.2% during the second quarter. Hunter Perkins Capital Management LLC now owns 14,735 shares of the financial services provider's stock valued at $1,179,000 after buying an additional 2,265 shares during the period. Foster Victor Wealth Advisors LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at approximately $178,000. Finally, Raymond James & Associates raised its position in Pinnacle Financial Partners by 0.4% in the second quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider's stock worth $16,305,000 after acquiring an additional 904 shares during the period. Institutional investors own 87.40% of the company's stock.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Ingram sold 3,610 shares of the business's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now owns 139,489 shares of the company's stock, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, December 5th. Citigroup boosted their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Stephens increased their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $113.64.

Pinnacle Financial Partners Price Performance

PNFP traded down $2.44 during trading on Thursday, hitting $118.40. 612,707 shares of the company traded hands, compared to its average volume of 471,539. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $9.15 billion, a PE ratio of 22.51 and a beta of 1.08. The stock's 50-day simple moving average is $113.82 and its two-hundred day simple moving average is $96.94. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter last year, the business posted $1.79 earnings per share. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.74%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.73%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.